Metals 2020...2020 Metals Product Guide and Calendar i Metals at CME Group In today’s rapidly moving Metals markets, CME Group helps you forge ahead with certainty by enabling you

Product guide and calendar

Metals 2020

As the world’s leading and most diverse derivatives

marketplace, CME Group (cmegroup.com) is where the

world comes to manage risk. CME Group offers the

widest range of global benchmark products across all

major asset classes, including futures and options based

on interest rates, equity indexes, foreign exchange,

energy, agricultural commodities, metals, weather,

and real estate. CME Group brings buyers and sellers

together through its CME Globex electronic trading

platform and its trading facility in Chicago. CME Group

also operates CME Clearing, one of the world’s leading

central counterparty clearing providers, which offers

clearing and settlement services across asset classes

for exchange-traded contracts and over-the-counter

derivatives transactions. These products and services

ensure that businesses everywhere can substantially

mitigate counterparty credit risk.

2020 Metals Product Guide and Calendar

i

Metalsat CME Group

In today’s rapidly moving Metals markets, CME Group helps you forge ahead with certainty by enabling you to:

• Trade the most comprehensive Metals offering that covers all of your needs in one marketplace;

• Tap into unparalleled Precious Metals liquidity and our expanded slate of Base and Ferrous metals solutions, available around the clock, providing reliable access when you need it most;

• Capitalize on innovative product design that makes it easier to execute while reducing your costs to trade.

2019 was another extraordinary year for our Metals business after continuous growth in the last few years. By listening to our customers’ needs and delivering on our commitments to them, we achieved significant growth across our metals products. Average daily volumes surpassed 668,000 contracts in 2019, up 4.7% from 2018. Liquidity in the flagship products continued to improve particularly during non-US hours.

In addition, we have been determinedly investing in new products and creating innovative solutions for our customers. In 2019, we extended the TAS (Trade at Settlement) offerings in Gold, Silver, Copper, and Platinum Futures. Several new products were launched including Shanghai Gold (USD) Futures and Shanghai Gold (CNH) Futures. Multiple product adjustments were implemented to the existing contracts to enhance the product offerings including the implementation of dynamic circuit breakers. In October, the Exchange expanded its acceptance for performance bond to include COMEX Gold warrants.

In precious metals, Gold Futures, Silver Futures, Platinum Futures, and Micro Gold Futures set new annual volume records while both Gold and Silver Weekly Options set new records in all volume and open interest categories. Gold Weekly options experienced an increase in ADV of 214% year over year. Gold Futures had an Open Interest record of 786,166 on December 31. Platinum Futures also reached a record level open interest of 100,446 contracts on December 19.

In base metals, the most notable growth came from Copper Options, with volumes traded up by 101%. Multiple open interest and daily volume records were reached with the most recent single day volume record of 16,125 contracts on November 7.

Steel futures also saw record volumes, supported by the increased volatility in the underlying and the growing number of market participants. Along with US Busheling Scrap and Iron Ore contracts, US Midwest Hot-Rolled Coil Steel Futures (HRC) proved to be the perfect tool to manage regionally relevant steel, scrap and global iron ore price risk. HRC reached record ADV of 690 contracts in 2019, an increase of 45% YoY.

In this guide, you will find the complete list of CME Group's Metals products and relevant information. For product offering updates, please visit cmegroup.com/metals for details.

Discover the benefits of CME Group Metals. Visit cmegroup.com/metals today.

http://www.cmegroup.com/metals

cmegroup.com/metals

Connect Connect seamlessly to electronic markets with flexible execution choices that enhance your access to liquidity:

• CME Globex, a global electronic trading system for futures and options

• CME ClearPort, a comprehensive set of flexible clearing services for the global OTC market

• CME Direct, a highly-configurable trading front end for CME Group markets that offers a complete suite of solutions across the trading life cycle. Access both QuikStrike, an integrated options analytics tool, and CME Pivot, an open instant messaging platform.

TradeBenefit from the broadest listed Metals product offering, providing single platform access and potential for margin offset savings.

Global Repository ServicesCME Global Repository Services provides multi-asset class reporting solutions to help market participants to comply with their Global Regulatory Reporting requirements. We enable clients to meet their requirements through trade reporting services including the CME European Trade Repository (CME ETR), CME Swap Data Repository (CME SDR), CME Canadian Trade Repository (CME CTR), and now CME Australia Trade Repository (CME ATR).



Table of ContentsContract Specifications Section Guide ......................................................................................................... 1

Trading Hours .............................................................................................................................................................. 4

Precious Metals .......................................................................................................................................................... 7

Base Metals ................................................................................................................................................................. 33

Ferrous Metals ........................................................................................................................................................... 51

Other Metals ............................................................................................................................................................... 61

Overview / Useful Links .................................................................................................................................. 63/68

2020 Calendar .......................................................................................................................................................... 69

Contact Information .............................................................................................................................................. 83

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PRECIOUS METALS FUTURES AND OPTIONS CONTRACTS

Gold Futures (GC) ..........................................................................................................................................................7

Gold Kilo Futures (GCK) ............................................................................................................................................ 8

Micro Gold Futures (MGC) ...................................................................................................................................... 9

E-mini Gold Futures (QO) ....................................................................................................................................... 10

Silver Futures (SI) ......................................................................................................................................................... 11

Micro Silver Futures (SIL) ........................................................................................................................................ 12

E-mini Silver Futures (QI) ........................................................................................................................................ 13

Platinum Futures (PL) ............................................................................................................................................. 14

Palladium Futures (PA) .......................................................................................................................................... 15

Micro Palladium Futures (PAM) ..........................................................................................................................16

Gold/Silver Ratio Futures (GSR) ......................................................................................................................... 17

Gold/Platinum Spread Futures (GPS) ............................................................................................................ 18

Platinum/Palladium Spread Futures (PPS) ................................................................................................ 19

London Spot Gold Futures (GSP) .................................................................................................................... 20

London Spot Silver Futures (SSP) ...................................................................................................................... 21

Shanghai Gold (USD) Futures (SGU) ............................................................................................................. 22

Shanghai Gold (CNH) Futures (SGC) ............................................................................................................ 23

Gold Options (OG) ................................................................................................................................................... 24

Gold Weekly Options (OG1-OG5) ................................................................................................................... 25

Silver Options (SO) .................................................................................................................................................... 26

Silver Weekly Options (SO1 – SO5) ................................................................................................................ 27

Platinum Options (PO) ............................................................................................................................................ 28

Palladium Options (PAO) .................................................................................................................................... 29

Cleared OTC London Gold Forwards (cash margin) – (GBC) ........................................................ 30

Cleared OTC London Silver Forwards (cash margin) – (LSF) .......................................................... 31

CME Metals Futures and Options: CONTRACT SPECIFICATIONS

cmegroup.com/metals

2

BASE METALS FUTURES AND OPTIONS CONTRACTS

Copper Futures (HG) ................................................................................................................................................ 33

Copper Financial Futures (HGS) ...................................................................................................................... 34

E-mini Copper Futures (QC) ................................................................................................................................ 35

Copper Premium Grade A CIF Shanghai (Metal Bulletin) Futures (CUP) ................................. 36

Aluminum Futures (ALI) .......................................................................................................................................... 37

Zinc Futures (ZNC) ................................................................................................................................................... 38

Lead Futures (LED) .................................................................................................................................................. 39

Aluminum MW U.S. Transaction Premium Platts (25MT) Futures (AUP) ................................... 40

Aluminium European Premium Duty-Unpaid (Metal Bulletin) Futures (AEP)........................... 41

Aluminium European Premium Duty-Paid (Metal Bulletin) Futures (EDP) ................................. 42

Aluminum Japan Premium (Platts) Futures (MJP).................................................................................. 43

Aluminum A380 Alloy (Platts) Futures (A38).............................................................................................. 44

Alumina FOB Australia (Platts) Futures (ALA) .......................................................................................... 45

Alumina FOB Australia (Metal Bulletin) Futures (ALB) ......................................................................... 46

Copper Options (HX) ............................................................................................................................................... 47

Copper Weekly Options (H1E-H5E) ................................................................................................................ 48

Copper Average Price Options (CAP) ........................................................................................................... 49

Aluminum MW U.S. Transaction Premium Platts (25MT) Average Price Option (ALO) ......... 50



3

FERROUS METALS FUTURES AND OPTIONS CONTRACTS

Iron Ore 62% CFR China (TSI) Futures (TIO) ............................................................................................... 51

Iron Ore 58% CFR China (TSI) Futures (TIC) .............................................................................................. 52

U.S. Midwest Domestic Hot-Rolled Coil Steel (CRU) Index Futures (HR) ................................... 53

U.S. Midwest Hot-Rolled Coil Steel (PLATTS) Futures (HRP) ............................................................ 54

U.S. Midwest #1 Busheling Ferrous Scrap (AMM) Futures (BUS) .................................................... 55

U.S. Midwest Shredded Scrap (PLATTS) Futures (SHR) .......................................................................56

HMS 80/20 Ferrous Scrap, CFR Turkey (Platts) Futures (FSF) ......................................................... 57

Iron Ore 62% CFR China (TSI) Average Price Options (ICT) ............................................................ 58

U.S. Midwest Domestic Hot-Rolled Coil Steel (CRU) Index Average Price Options (HRO) ............................................................................................................................ 59

OTHER METALS FUTURES AND OPTIONS CONTRACTS

UxC Uranium U3O8 Futures (UX) ..................................................................................................................... 61

cmegroup.com/metals

4

CME Globex:

Chicago (Central Time): Sunday – Opens at 5:00 p.m. (for the next trade date) – 4:00 p.m. the following day. Monday through Friday – Opens at 5:00 p.m. (for the next trade date) – 4:00 p.m. the next day. Except on Friday – Closes at 4:00 p.m. and reopens Sundays at 5:00 p.m.

New York (Eastern Time):Sunday – Opens at 6:00 p.m. (for the next trade date) - 5:00 p.m. the following day.(for the next trade date) – 5:00 p.m. the following day. Monday through Friday – Opens at 6:00 p.m. (for the next trade date) – 5:00 p.m. the next day. Except on Friday – Closes at 5:00 p.m. and reopens Sundays at 6:00 p.m.

London (GMT): Sunday – Opens at 11:00 p.m. (for the next trade date) – 10:00 p.m. the following day. Monday through Friday – Opens at 11:00 p.m. (for the next trade date) – 10:00 p.m. the next day. Except on Friday – Closes at 10:00 p.m. and reopens Sundays at 11:00 p.m.

Singapore/Hong Kong (UTC/GMT+8): Monday – Opens at 7:00 a.m. – 6:00 a.m. the following day. Tuesday through Saturday – Opens at 7:00 a.m. – 6:00 a.m. the next day. Except on Saturday – Closes at 6:00 a.m. and reopens Monday at 7:00 a.m.

Trading Hours



5

CME ClearPort:

Chicago (Central Time): Sunday through Friday – 5:00 p.m. – 4:00 p.m. with a 60-minute break each day beginning at 4:00 p.m.

New York (Eastern Time):Sunday through Friday – 5:00 p.m. – 4:00 p.m. with a 60-minute break each day beginning at 4:00 p.m.

London (GMT):Sunday through Friday – 11:00 p.m. – 10:00 p.m. the following day with a 60-minute break each day beginning at 10:00 p.m.

Singapore/Hong Kong (UTC/GMT+8):Monday through Saturday – 7:00 a.m. – 6:00 a.m. the following day with a 60-minute break each day beginning at 6:00 a.m.

Note 1: for detailed trading hours by product, please visit cmegroup.com/trading-hours.html#metals

Note 2: Times listed are when daylight saving time is not in effect.

http://www.cmegroup.com/trading-hours.html#metals

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7

GOLD FUTURES

Product CodeCME Globex: GC CME ClearPort: GC Clearing: GC TAS: GCT TAM: GCD

Contract Size100 troy ounces

Grade and QualityGold delivered under this contract shall assay to a minimum of 995 fineness.

SettlementDeliverable

Minimum Price Fluctuation $0.10 per troy ounce

Listed ContractsTrading is conducted for delivery during the current calendar month; the next two calendar months; any February, April, August, and October falling within a 23-month period; and any June and December falling within a 72-month period beginning with the current month.

Termination of Trading Trading terminates on the third last business day of the delivery month.

Trading at SettlementTrading at Settlement (TAS) is allowed in the nearest four active contract months. The active contract months will be February, April, June, August and December. TAS transactions may be executed at the current day’s settlement price or at any valid price increment ten ticks higher or lower than the settlement price.

Trade at MarkerTrading at Marker (TAM) is analogous to our existing Trading at Settlement (TAS) wherein parties are permitted to trade at a differential that represents a not-yet-known price. TAM trading will use a marker price, whereas TAS trading uses the Exchange-determined settlement price for the applicable contract month. As with TAS trading, parties enter TAM orders at the TAM price or at a differential between one and ten ticks higher or lower than the TAM price. Trading at Marker is available for the London p.m. Marker on the nearest active month (February, April, June, August, December).

Delivery PeriodAny business day of the delivery month

MetalsPRECIOUS METALS FUTURES AND OPTIONS CONTRACTS

cmegroup.com/metals

8

GOLD KILO FUTURES

Product CodeCME Globex: GCK CME ClearPort: GCK Clearing: GCK

Contract SizeOne kilogram (32.15 troy ounces)




Listed ContractsThe current calendar month, the next two calendar months, and each February, April, June, August, October, and December falling within a 12-month period beginning with the current contract month.

Termination of Trading Three business days prior to the Delivery Day

Delivery PeriodThird Wednesday of the delivery month


9

MICRO GOLD FUTURES

Product CodeCME Globex: MGC CME ClearPort: MGC Clearing: MGC TAS: MGT





Listed ContractsTrading is conducted for delivery in any February, April, June, August, October, and December falling within a 24-month period for which a 100 Troy Ounce Gold Futures contract is listed.


Trading at SettlementTrading at Settlement (TAS) is allowed in the nearest three active contract months. The active contract months will be February, April, June, August and December. TAS transactions may be executed at the current day’s settlement price or at any valid price increment ten ticks higher or lower than the settlement price.

cmegroup.com/metals

10

E-MINI GOLD FUTURES

Product CodeCME Globex: QO CME ClearPort: QO Clearing: QO


SettlementFinancially Settled


Listed ContractsTrading is conducted for delivery in any February, April, June, August, October, and December falling within a 24-month period for which a 100 Troy Ounce Gold Futures contract is listed.

Termination of Trading Trading terminates on the third last business day of the month preceding the delivery month.


11

SILVER FUTURES

Product CodeCME Globex: SI CME ClearPort: SI Clearing: SI TAS: SIT

Contract Size5,000 troy ounces

Grade and QualitySilver delivered under this contract shall assay to a minimum of 999 fineness.


Minimum Price Fluctuation Outright transactions: $0.005 per troy ounce. Straddle or spread transactions and settlement prices: $0.001 per troy ounce.

Listed ContractsTrading is conducted for delivery during the current calendar month; the next two calendar months; any January, March, May, and September falling within a 23-month period; and any July and December falling within a 60-month period beginning with the current month.


Trading at SettlementTrading at Settlement (TAS) is allowed in the nearest four active contract months. The active contract months will be March, May, July, September and December. TAS transactions may be executed at the current day’s settlement price or at any valid price increment ten ticks higher or lower than the settlement price.


cmegroup.com/metals

12

MICRO SILVER FUTURES

Product CodeCME Globex: SIL CME ClearPort: SIL Clearing: SIL


Grade and QualitySilver delivered under this contract shall assay to a minimum of 999 fineness.


Minimum Price Fluctuation Outrights: $0.01 per troy ounce

Spreads: $0.005 per troy ounce

Settlement: $0.001 per troy ounce

Listed ContractsCurrent calendar month; the next two calendar months; any January, March, May, July, September, and December falling within a 12-month period.

Termination of Trading Third last business day of the contract month


13

E-MINI SILVER FUTURES

Product CodeCME Globex: QI CME ClearPort: QI Clearing: QI




Listed ContractsTrading is conducted in any January, March, May, July, September, and December contract month falling within the current 24-month period for which a 5,000 Troy Ounce Silver Futures contract is listed.


cmegroup.com/metals

14

PLATINUM FUTURES

Product CodeCME Globex: PL CME ClearPort: PL Clearing: PL TAS: PLT


Grade and QualityPlatinum delivered under this contract shall be a minimum of 99.95 pure.



Listed ContractsTrading is conducted over 15 months beginning with the current month and the next two calendar months before moving into the quarterly cycle of January, April, July, and October.


Trading at SettlementTrading at Settlement (TAS) is allowed in the nearest two active contract months. The active contract months are January, April, July and October. TAS transactions may be executed at the current day’s settlement price or at any valid price increment ten ticks higher or lower than the settlement price.



15

PALLADIUM FUTURES

Product CodeCME Globex: PA CME ClearPort: PA Clearing: PA TAS: PAT


Grade and QualityPalladium delivered under this contract shall be a minimum of 99.95 pure.



Listed ContractsTrading is conducted over 15 months beginning with the current month and the next two calendar months before moving into the quarterly cycle of March, June, September, and December.


Trading at Settlement Trading at Settlement is available in the first active contract month. The active contract months are March, June, September, and December. On any given date, TAS transactions will be allowed only in a single contract month. TAS transactions may be executed at the current day’s settlement price or at any valid price increment ten ticks higher or lower than the settlement price.


cmegroup.com/metals

16

MICRO PALLADIUM FUTURES

Product CodeCME Globex: PAM CME ClearPort: PAM Clearing: PAM


Grade and QualityPalladium delivered under this contract shall assay to a minimum of 99.95% fineness.



Listed ContractsTrading is conducted for delivery in 3 consecutive months and any March, June, September and December in the nearest 15 months.



17

GOLD/SILVER RATIO FUTURES

Product CodeCME Globex: GSR CME ClearPort: GSR Clearing: GSR

Contract Size$500*index (GC/SI)


Minimum Price Fluctuation 0.05 index points

Listed ContractsMonthly contracts listed for nearest two cycle month combinations

Floating PriceThe Floating Price shall be determined on the last trading day of a contract month and shall be calculated using the prices for Gold Futures and Silver Futures published by the Exchange. For a contract month, the reference month of the Gold Futures price shall be same month or the next nearest month in the cycle February, April, June, August, and December. For a contract month, the reference month of the Silver Futures price shall be same month or the next nearest month in the cycle March, May, July, September and December. The Gold Futures price will be determined by a volume weighted average price (VWAP) during the 1:24-1:25pm EST period of the reference month. The Silver Futures price will be the settlement price of the reference month.

The Floating Price shall be the Gold Futures price divided by the Silver Futures price and shall be rounded to two decimal places.

Termination of Trading Trading terminates on the third last business day of the calendar month prior to the contract month.

Contract Month Gold SilverTermination Date – third last business day of this month

February February March January

March April March February

April April May March

May June May April

June June July May

July August July June

August August September July

September December September August

December December December November

cmegroup.com/metals

18

GOLD/PLATINUM SPREAD FUTURES

Product CodeCME Globex: GPS CME ClearPort: GPS Clearing: GPS





Floating PriceThe Floating Price shall be determined on the last trading day of a contract month and shall be calculated using the prices for Gold Futures and Platinum Futures published by the Exchange. For a contract month, the reference month of the Gold Futures price shall be same month or the next nearest month in the cycle February, April, June, August, and December. For a contract month, the reference month of the Platinum Futures price shall be same month or the next nearest month in the cycle January, April, July, and October. The Gold Futures price will be determined by a volume weighted average price (VWAP) during the 1:03-1:05pm EST period of the reference month. The Platinum Futures price will be the settlement price of the reference month.


Contract Month Gold PlatinumTermination Date – third last business day of this month

February February April January

April April April March

June June July May

July August July June

August August October July

October December October September

December December January November

January February January December


19

PLATINUM/PALLADIUM SPREAD FUTURES

Product CodeCME Globex: PPS CME ClearPort: PPS Clearing: PPS





Floating PriceThe Floating Price shall be determined on the last trading day of a contract month and shall be calculated using the settlement prices for Platinum Futures and Palladium Futures published by the Exchange. For a contract month, the reference month of the Platinum Futures price shall be same month or the next nearest month in the cycle January, April, July, and October. For a contract month, the reference month of the Palladium Futures price shall be same month or the next nearest month in the cycle March, June, September and December.

The Floating Price shall be the Platinum Futures price minus the Palladium Futures price and shall be rounded to two decimal places.


Contract Month Platinum PalladiumTermination Date – third last business day of this month

March April March February

April April June March

June July June May

July July September June

September October September August

October October December September

December January December November

January January March December

cmegroup.com/metals

20

LONDON SPOT GOLD FUTURES

Product CodeCME Globex: GSP CME ClearPort: GSP Clearing: GSP Inter-Commodity Spread (Spot Spread): GC:GSP

Contract Size100 fine troy ounces

Grade and QualityGold delivered under this contract shall be gold which meets or exceeds the standards of the London Bullion Market Association within its Good Delivery Rules and Good Delivery Specifications for ‘Loco London’ delivery.


Minimum Trade Price Fluctuation $0.10 per fine troy ounce

Minimum Daily and Final Settlement Price Fluctuation$0.01 per troy ounce

Minimum Spread Price FluctuationGC:GSP $0.01 per troy ounce

Listed ContractsTrading in London Spot Gold futures is regularly conducted in Contract Days. Unless otherwise determined by the Exchange, one Contract Day is made available for trading on any given trading day. A Contract Day references the day of delivery.

Termination of Trading Trading terminates at the close of business two London business days prior to the contract day.

Delivery PeriodDelivery Day shall be two London business days following the contract's trade date unless such day is not also a banking day in New York, in which case the Delivery Day shall be the next following day that is a banking day in both London and New York.


21

LONDON SPOT SILVER FUTURES

Product CodeCME Globex: SSP CME ClearPort: SSP Clearing: SSP Inter-Commodity Spread (Spot Spread): SI:SSP

Contract Size5,000 fine troy ounces

Grade and QualitySilver delivered under this contract shall be gold which meets or exceeds the standards of the London Bullion Market Association within its Good Delivery Rules and Good Delivery Specifications for ‘Loco London’ delivery.


Minimum Trade Price Fluctuation $0.005 per fine troy ounce

Minimum Daily and Final Settlement Price Fluctuation$0.001 per troy ounce

Minimum Spread Price FluctuationSI:SSP $0.001 per troy ounce

Listed ContractsTrading in London Spot Silver futures is regularly conducted in Contract Days. Unless otherwise determined by the Exchange, one Contract Day is made available for trading on any given trading day. A Contract Day references the day of delivery.

Termination of Trading Trading terminates at the close of business two London business days prior to the contract day.

Delivery PeriodDelivery Day shall be two London business days following the contract's trade date unless such day is not also a banking day in New York, in which case the Delivery Day shall be the next following day that is a banking day in both London and New York.

cmegroup.com/metals

22

SHANGHAI GOLD (USD) FUTURES

Product CodeCME Globex: SGU CME ClearPort: SGU Clearing: SGU

Contract Size32.15 troy ounces


Minimum Trade Price Fluctuation$0.10 per troy ounce

Minimum Daily Settlement Price Fluctuation$0.10 per troy ounce

Minimum Final Settlement Price Fluctuation$0.05 per troy ounce

Listed ContractsMonthly contracts listed for 3 consecutive months and all February, April, June, August, October and December contracts in a 12-month period.

Floating PriceThe Floating Price for each contract month shall be the closing price of the Shanghai Gold Benchmark Price PM on the last trading day. The Shanghai Gold Benchmark Price PM shall be converted to US Dollars per troy ounce using the USD/CNH rate as reported by EBS Service Company Limited and using a conversion factor of 32.15 troy ounces per kilogram and rounded to the nearest $0.05.

Termination of TradingTrading terminates on the 3rd last U.S. business day of the contract month unless it is not a Chinese business day. If it is not a Chinese business day, trading terminates the previous U.S. and China business day.


23

SHANGHAI GOLD (CNH) FUTURES

Product CodeCME Globex: SGC CME ClearPort: SGC Clearing: SGC

Contract Size1,000 grams


Minimum Trade Price Fluctuation$0.05 CNH per gram

Minimum Daily Settlement Price Fluctuation$0.05 CNH per gram

Minimum Final Settlement Price Fluctuation$0.01 CNH per gram

Listed ContractsMonthly contracts listed for 3 consecutive months and all February, April, June, August, October and December contracts in a 12-month period.

Floating PriceThe Floating Price for each contract month shall be the closing price of the Shanghai Gold Benchmark Price PM on the last trading day.

Termination of TradingTrading terminates on the 3rd last U.S. business day of the contract month unless it is not a Chinese business day. If it is not a Chinese business day, trading terminates the previous U.S. and China business day

cmegroup.com/metals

24

GOLD OPTIONS

Product CodeCME Globex: OG CME ClearPort: OG Clearing: OG

Contract UnitOne COMEX Gold futures contract


Listed ContractsGold futures options shall be listed for trading in each of the nearest twenty (20) consecutive futures contract months. In addition, June and December will be listed for 72 months from the current listed month.

Exercise StyleAmerican

Termination of Trading Expiration occurs four business days prior to the end of the month preceding the option contract month. If the expiration day falls on a Friday or immediately prior to an Exchange holiday, expiration will occur on the previous business day.

Strike Prices/Strike Price IntervalsTransactions shall be conducted for option contracts as set forth in Rule 300.20.


UnderlyingGold Futures

Exercise Month for Optionscmegroup.com/trading/metals/files/PM236_Metals_Option_Exercise.pdf

http://www.cmegroup.com/trading/metals/files/PM236_Metals_Option_Exercise.pdf


25

GOLD WEEKLY OPTIONS

Product CodeCME Globex: OG1-OG5 CME ClearPort: OG1-OG5 Clearing: OG1-OG5

Contract UnitOne COMEX Gold futures contract


Listed ContractsFour weekly expirations (Friday) Weekly contracts listed for 4 consecutive weeks.

No weekly contract listed if it would expire the business day after the expiration of the monthly option.


Termination of Trading Trading terminates on Friday of the contract week. If Friday is not a business day, trading terminates on the first business day prior to Friday. If the business day immediately preceding the Friday is a Gold monthly option expiration, the weekly option shall not be listed.



UnderlyingGold Futures

cmegroup.com/metals

26

SILVER OPTIONS

Product CodeCME Globex: SO CME ClearPort: SO Clearing: SO

Contract UnitOne COMEX Silver futures contract


Listed ContractsTrading is conducted in (a) the nearest five of the following contract months: March, May, July, September, and December and (b) the nearest January, February, April, June, August, October, and November such that a total of six consecutive calendar months from and including the current listed futures contract month are listed at all times and (c) any July and December during a 60 month period from and including the current listed contract month.


Termination of TradingExpiration occurs four business days prior to the end of the month preceding the option contract month. If the expiration day falls on a Friday or immediately prior to an Exchange holiday, expiration will occur on the previous business day.



UnderlyingSilver Futures

Exercise Month for Options cmegroup.com/trading/metals/files/PM236_Metals_Option_Exercise.pdf



27

SILVER WEEKLY OPTIONS

Product CodeCME Globex: SO1-SO5 CME ClearPort: SO1-SO5 Clearing: SO1-SO5

Contract UnitOne COMEX Silver futures contract


Listed ContractsOnline: Weekly contracts listed for 4 consecutive weeks.



Termination of Trading Trading terminates on Friday of the contract week. If Friday is not a business day, trading terminates on the first business day prior to Friday. If the business day immediately preceding the Friday is a Silver monthly option expiration, the weekly option shall not be listed.



UnderlyingSilver Futures

cmegroup.com/metals

28

PLATINUM OPTIONS

Product CodeCME Globex: PO CME ClearPort: PO Clearing: PO

Contract UnitOne NYMEX Platinum futures contract


Listed ContractsTrading is conducted in the nearest three consecutive calendar contract months, plus the next three months of the quarterly cycle of January, April, July, and October.


Termination of TradingExpiration occurs at the close of trading on the third Wednesday of the month preceding the option contract month. In the event that such business day precedes an Exchange holiday, the expiration date shall be the preceding business day.



UnderlyingPlatinum Futures

Exercise Month for Options cmegroup.com/trading/metals/files/PM236_Metals_Option_Exercise.pdf



29

PALLADIUM OPTIONS

Product CodeCME Globex: PAO CME ClearPort: PAO Clearing: PAO

Contract UnitOne NYMEX Palladium Futures


Listed ContractsTrading is conducted in the nearest three consecutive calendar contract months, plus the next three months of the quarterly cycle of March, June, September, and December.


Termination of TradingExpiration occurs at the close of trading on the third Wednesday of the month preceding the option contract month. In the event that such business day precedes an Exchange holiday, the expiration date shall be the preceding business day.



UnderlyingPalladium Futures



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30

CLEARED OTC LONDON GOLD FORWARDS (CASH MARGIN)

Product CodeCME ClearPort: GBC Clearing: GBC

Contract Unit.001 troy ounces


Termination of TradingTrades can be submitted for clearing through CME ClearPort up to and including one good business day prior to the delivery date.

Delivery PeriodLondon Good Delivery as specified by the LBMA at unallocated accounts held at LPMCL member banks. Delivery can be made on any good business day in the LBMA calendar, with a maximum available maturity of 10 years from spot.


31

CLEARED OTC LONDON SILVER FORWARDS (CASH MARGIN)

Product CodeCME ClearPort: LSF Clearing: LSF

Contract Unit.001 troy ounces


Termination of TradingTrades can be submitted for clearing through CME ClearPort up to and including one good business day prior to the delivery date.

Delivery PeriodLondon Good Delivery as specified by the LBMA at unallocated accounts held at LPMCL member banks. Delivery can be made on any good business day in the LBMA calendar, with a maximum available maturity of 5 years from spot.

BASE M

ETALS


33

COPPER FUTURES

Product CodeCME Globex: HG CME ClearPort: HG Clearing: HG TAS: HGT; HG0 TAM: HGF

Contract Size25,000 pounds

Grade and QualityThe contract (basis) grade for the Grade 1 copper contract shall be Grade 1 Electrolytic Copper Cathodes (full plate or cut) and shall conform to the specifications (as to chemical and physical requirements) for Grade 1 Electrolytic Copper Cathode as adopted by the American Society for Testing and Materials (B115-00), or its latest revision.


Minimum Price Fluctuation $0.0005 per pound

Listed ContractsTrading is conducted for delivery during the current calendar month, the next 23 calendar months, and any March, May, July, September, and December falling within a 63-month period beginning with the current month.


Trading at SettlementTrading at Settlement is available for the nearest four active contract months (HGT). The active contract months are March, May, July, September and December. TAS transactions may be executed at the current day's settlement price or at any valid price increment ten ticks higher or lower than the settlement price. TAS is also available in the spot month (HG0). Spot month TAS transactions are only permitted at the settlement price (flat or zero).


Trade at MarkerTrading at Marker (TAM) is analogous to our existing Trading at Settlement (TAS) wherein parties are permitted to trade at a differential that represents a not-yet-known price. TAM trading will use a marker price, whereas TAS trading uses the Exchange-determined settlement price for the applicable contract month. As with TAS trading, parties enter TAM orders at the TAM price or at a differential between one and ten ticks higher or lower than the TAM price. Trading at Marker is available for the Copper London Marker on the nearest active month (March, May, July, September, December).

MetalsBASE METALS FUTURES AND OPTIONS CONTRACTS

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34

COPPER FINANCIAL FUTURES

Product CodeCME Globex: HGS CME ClearPort: HGS Clearing: HGS




Listed ContractsTrading is conducted for delivery during the current calendar month, the next 22 calendar months, and any March, May, July, September, and December falling within a 60-month period beginning with the current month for which a Copper Futures contract is listed.

Termination of Trading Trading terminates on the last business day of the contract month (follows the US banking holiday schedule).


35

E-MINI COPPER FUTURES

Product CodeCME Globex: QC CME ClearPort: QC Clearing: QC




Listed ContractsTrading is conducted during the same months as the full-sized Copper futures contract (HG), except the current month.


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COPPER PREMIUM GRADE A CIF SHANGHAI (METAL BULLETIN) FUTURES

Product CodeCME Globex: CUP CME ClearPort: CUP Clearing: CUP

Contract Size25 metric tons


Minimum Price Fluctuation $0.25 per metric ton

Listed ContractsMonthly contracts listed for 18 consecutive months

Floating PriceThe Floating Price for each contract month shall be equal to the arithmetic average calculated to two decimal places of each available daily midpoint of the Copper Grade A cathode Cif Shanghai, US$/metric tonne for that given calendar month published by Fastmarkets MB.

Termination of Trading Trading terminates on the last business day of the month


37

ALUMINUM FUTURES

Product CodesCME Globex: ALI CME ClearPort: ALI Clearing: ALI


Grade and QualityAluminum delivered under this contract must be primary aluminum meeting all of the requirements of the P1020A in the North American and International Registration Record entitled “International Designation and Chemical Composition Limits for Unalloyed Aluminum” (revised March 2007), or its latest revision. Aluminum Futures is a duty-unpaid contract. Eligible aluminum shall be either duty paid or duty unpaid.



Listed Contracts60 consecutive months



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ZINC FUTURES

Product CodeCME Globex: ZNC CME ClearPort: ZNC Clearing: ZNC


Grade and QualityZinc is a duty unpaid contract. Zinc delivered under this contract must be Special High Grade zinc of 99.995% purity and meeting the chemical composition of either ASTM B6-12 (Standard Specification for Zinc), BS EN 1179:2003 (Zinc and Zinc Alloys), ISO 752:2004 (Zinc ingots), or GB/T 470-2008 (Zinc ingots). Zinc Futures is a duty-unpaid contract. Eligible zinc shall be either duty paid or duty unpaid.







39

LEAD FUTURES

Product CodeCME Globex: LED CME ClearPort: LED Clearing: LED


Grade and QualityRefined lead (minimum 99.970% purity) and meeting the chemical composition of either ASTM B29-03 (2009 Standard entitled “Standard Specification for Refined Lead (permitted grades: 99.97% and 99.995%), BS EN 12659:1999 Standard entitled “Lead and Lead Alloys- Lead (permitted grades: Material numbers PB970R, PB985R and PB990R), or GB/T 469-2005 Standard entitled “Lead Ingots” (permitted grades: 99.970%, 99.985%, 99.990% and 99.994%).




Termination of Trading Trading terminates on the third last business day of the contract month.


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ALUMINUM MW U.S. TRANSACTION PREMIUM PLATTS (25MT) FUTURES

Product CodeCME Globex: AUP CME ClearPort: AUP Clearing: AUP

Contract Size55,116 pounds (equivalent to 25 metric tons)




Floating PriceThe Floating Price for each contract month is equal to the average price calculated for all available price assessments published for Aluminum MW US Transaction Premium for that given calendar month by S&P Global Platts.

Termination of Trading Trading terminates on the last business day of the contract month.


41

ALUMINIUM EUROPEAN PREMIUM DUTY-UNPAID (METAL BULLETIN) FUTURES

Product CodeCME Globex: AEP CME ClearPort: AEP Clearing: AEP



Minimum Price Fluctuation 0.01 per metric ton

Listed ContractsMonthly contracts listed for the current year and the next 2 calendar years. Monthly contracts for a new calendar year will be added following the termination of trading in the December contract of the current year.

Floating PriceThe Floating Price for each contract month shall be equal to the arithmetic average calculated to two decimal places of each daily mid-point of the Metal Bulletin Aluminium P1020A,in-whs dup Rotterdam, $/tonne for each day during the contract month published by Fastmarkets MB.


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ALUMINIUM EUROPEAN PREMIUM DUTY-PAID (METAL BULLETIN) FUTURES

Product CodeCME Globex: EDP CME ClearPort: EDP Clearing: EDP



Minimum Price Fluctuation 0.01 per metric ton


Floating PriceThe Floating Price for each contract month shall be equal to the arithmetic average calculated to two decimal places of each twice weekly mid-point of the Metal Bulletin Aluminium P1020A, in-whs dp Rotterdam, $/tonne for each day during the contract month published by Fastmarkets MB.



43

ALUMINUM JAPAN PREMIUM (PLATTS) FUTURES

Product CodeCME Globex: MJP CME ClearPort: MJP Clearing: MJP





Floating PriceThe Floating Price for each contract month shall be equal to the arithmetic average of the mid-point of the high and low quotations of the "Aluminum CIF Japan Premium ($/mt)" price assessment published in Platts Metal Daily for each day that it is determined during the contract month.


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ALUMINUM A380 ALLOY (PLATTS) FUTURES

Product CodeCME Globex: A38 CME ClearPort: A38 Clearing: A38

Contract Size44,092 pounds (equivalent to 20 metric tons)



Listed ContractsMonthly contracts listed for the current year and the next calendar year. Monthly contracts for a new calendar year will be added following the termination of trading in the December contract of the current year.

Floating PriceThe Floating Price for each contract month is equal to the average price calculated for all available price assessments published for Aluminum A-380 Alloy, cents/lb. for that given calendar month by S&P Global Platts.



45

ALUMINA FOB AUSTRALIA (PLATTS) FUTURES

Product CodeCME Globex: ALA CME ClearPort: ALA Clearing: ALA




Listed ContractsMonthly contracts listed for the current year and the next two calendar years. Monthly contracts for a new calendar year will be added following the termination of trading in the December contract of the current year.

Floating PriceThe Floating Price for each contract month shall be equal to the arithmetic average calculated to two decimal places of each available daily price Index published for Alumina FOB Australia US$/ metric tons for that given calendar month by S&P Global Platts.

Termination of Trading Trading terminates on the day of the last index published price of the contract month.

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ALUMINA FOB AUSTRALIA (METAL BULLETIN) FUTURES

Product CodeCME Globex: ALB CME ClearPort: ALB Clearing: ALB




Listed ContractsMonthly contracts listed for the current year and the next two calendar years. Monthly contracts for a new calendar year will be added following the termination of trading in the December contract of the current year.

Floating PriceThe Floating Price for each contract month shall be equal to the arithmetic average calculated to two decimal places of all available price assessments published for Alumina index fob Australia, $/tonne for that given calendar month by Fastmarkets MB.

Termination of Trading Trading terminates on the day of the last index published price of the contract month.


47

COPPER OPTIONS

Product CodeCME Globex: HXE CME ClearPort: HX Clearing: HX

Contract UnitOne COMEX Copper futures contract


Listed ContractsNearest 22 consecutive months


Termination of Trading Expiration occurs four business days prior to the end of the month preceding the option contract month. If the expiration day falls on a Friday or immediately prior to an Exchange holiday, expiration will occur on the previous business day.



UnderlyingCopper Futures



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COPPER WEEKLY OPTIONS

Product CodeCME Globex: H1E-H5E CME ClearPort: H1E-H5E Clearing: H1E-H5E

Contract UnitOne COMEX Copper futures contract


Listed ContractsWeekly contracts listed for 4 consecutive weeks.



Termination of Trading Trading terminates on Friday of the contract week. If Friday is not a business day, trading terminates on the prior business day.



UnderlyingCopper Futures


49

COPPER AVERAGE PRICE OPTIONS

Product CodeCME Globex: CAP CME ClearPort: CAP Clearing: CAP

Contract Unit25,000 pounds


Listed Contracts23 consecutive months for which a COMEX Copper Financial Futures contract is listed

Exercise StyleEuropean-style option cash settled only on expiration day

Termination of Trading Expiration occurs at the close of trading on the last business day of the contract month.


SettlementFinancial

UnderlyingCopper Financial Futures

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ALUMINUM MW U.S. TRANSACTION PREMIUM PLATTS (25MT) AVERAGE PRICE OPTION

Product CodeCME Globex: ALO CME ClearPort: ALO Clearing: ALO

Contract Unit55,116 pounds

Minimum Price Fluctuation$0.00001 per pound

Listed ContractsMonthly contracts listed for 60 consecutive months. Add new contract month after nearby expiry.

Exercise StyleEuropean-style option cash settled only on expiration day

Termination of TradingExpiration occurs at the close of trading on the last business day of the contract month.


SettlementFinancial

UnderlyingAluminum MW U.S. Transaction Premium Platts (25MT) Futures

FERRO

US M

ETALS


51

IRON ORE 62% FE, CFR CHINA (TSI) FUTURES

Product CodeCME Globex: TIO CME ClearPort: TIO Clearing: TIO

Contract Size500 dry metric tons


Minimum Price Fluctuation $0.01 per dry metric ton


Floating PriceThe floating price for each contract month is equal to the average price calculated for all available price assessments published for "Iron ore fines 62% Fe - CFR China Port" for that given calendar month by The Steel Index.

Termination of Trading Trading terminates on the last business day of the contract month. Business days are based on the Singapore Public Holiday calendar. If the last business day of the contract month is a Singapore Public Holiday, the last trade date will be the business day immediately preceding the holiday.

MetalsFERROUS METALS FUTURES AND OPTIONS CONTRACTS

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IRON ORE 58% FE, LOW ALUMINA, CFR CHINA (TSI) FUTURES

Product CodeCME Globex: TIC CME ClearPort: TIC Clearing: TIC

Contract Size500 dry metric ton



Listed ContractsMonthly contracts listed for the current year and the next 2 calendar years. List monthly contracts for a new calendar year following the termination of trading in the December contract of the current year.

Floating PriceThe Floating Price for each contract month is equal to the arithmetic average of all available price assessments published for Iron ore fines 58% Fe, low alumina – CFR China in the given calendar month by The Steel Index.

Termination of Trading Trading shall cease on the last business day of the contract month. If the last business day of the contract month is a Singapore Public holiday, the last trade date will be the business day immediately preceding the holiday.


53

U.S. MIDWEST DOMESTIC HOT-ROLLED COIL STEEL (CRU) INDEX FUTURES

Product CodeCME Globex: HRC CME ClearPort: HR Clearing: HR

Contract Size20 short tons


Minimum Price Fluctuation $1.00 per short ton


Floating PriceThe floating price for each contract month is equal to the average price calculated for all available price assessments published for that given month by the CRU U.S. Midwest Domestic Hot-Rolled Coil Steel Index.

Termination of Trading Trading terminates on the business day prior to the last Wednesday of the named contract month.

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U.S. MIDWEST DOMESTIC HOT-ROLLED COIL STEEL (PLATTS) FUTURES

Product CodeCME Globex: HRP CME ClearPort: HRP Clearing: HRP

Contract Size20 short tons


Minimum Price Fluctuation $1.00 per short ton


Floating PriceThe floating price for each contract month is equal to the arithmetic average of the Platts TSI HRC US EXW Indiana price assessment calculated for all available price assessments published in the contract month.



55

U.S. MIDWEST #1 BUSHELING FERROUS SCRAP (AMM) FUTURES

Product CodeCME Globex: BUS CME ClearPort: BUS Clearing: BUS

Contract Size20 gross tons


Minimum Price Fluctuation $1.00 per gross ton


Floating PriceThe Floating Price for each contract month is equal to the price assessment published on the 10th of that given calendar month for the Steel scrap No. 1 busheling index, delivered Midwest mill, $/gross ton by Fastmarkets AMM. If 10th falls into a holiday or weekend, the price will settle on the immediately following business day.

Termination of Trading 10th of the month, if 10th is a holiday/weekend, it will settle on the immediate following business day.

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U.S. MIDWEST SHREDDED SCRAP (PLATTS) FUTURES

Product CodeCME Globex: SHR CME ClearPort: SHR Clearing: SHR

Contract Size20 gross tons


Minimum Price Fluctuation $1.00 per gross ton

Listed ContractsMonthly contracts listed for 24 consecutive months. A monthly contract will be added following the termination of trading in the spot month contract.

Floating PriceThe floating price for each contract month is equal to the final daily print of the Platts Shredded Delivered US Midwest price assessment in the contract month.

Termination of Trading Trading terminates on the last business day of the first week, that begins on a Monday, of the contract month.


57

HMS 80/20 FERROUS SCRAP, CFR TURKEY (PLATTS TSI) FUTURES

Product CodeCME Globex: FSF CME ClearPort: FSF Clearing: FSF




Listed ContractsTrading is conducted in 24 consecutive months.

Floating PriceThe Floating Price for each contract month is equal to the average price calculated for all available price assessments published for “HMS 80/20 Ferrous Scrap – CFR Turkish Port” for that given calendar month by Platts.

Termination of Trading Trading terminates on the last business day of the contract month (follows the UK banking holiday schedule).

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IRON ORE 62% FE, CFR CHINA (TSI) AVERAGE PRICE OPTIONS

Product CodeCME Globex: ICT CME ClearPort: ICT Clearing: ICT

Contract Unit500 dry metric tons


Listed ContractsMonthly contracts listed for the current year and the next 3 calendar years. List monthly contracts for a new calendar year following the termination of trading in the December contract of the current year..

Exercise StyleEuropean

Termination of Trading Trading terminates on the last business day of the contract month. Business days are based on the Singapore Public Holiday calendar. If the last business day of the contract month is a Singapore public holiday, the last trade date will be the business day immediately preceding the holiday.


SettlementFinancial

UnderlyingIron Ore 62% Fe, CFR China (TSI) Futures


59

U.S. MIDWEST DOMESTIC HOT-ROLLED COIL STEEL (CRU) INDEX AVERAGE PRICE OPTIONS

Product CodeCME Globex: HRO CME ClearPort: HRO Clearing: HRO

Contract Unit20 short tons

Minimum Price Fluctuation $0.25 per ton


Exercise StyleEuropean

Termination of Trading Trading terminates on the business day prior to the last Wednesday of the named contract month.


SettlementFinancial

UnderlyingU.S. Midwest Domestic Hot-Rolled Coil Steel (CRU) Index Futures

OTH

ER M

ETALS


61

UXC URANIUM U3O8 FUTURES

Product CodeCME Globex: UX CME ClearPort: UX Clearing: UX

Contract Size250 pounds of U308



Listed ContractsTrading is conducted in 60 consecutive months.

Floating PriceThe Floating Price for each contract month will be the month-end spot U3O8 price published in Ux Weekly for the contract month by UxC, LLC. The procedures for trading, clearing and cash settlement of this contract, and any other matters not specifically covered herein shall be governed by the general rules of the Exchange.

Termination of Trading Trading terminates on the last Monday of the contract month. If the last Monday in the contract month is not a business day, trading terminates on the prior business day. .

MetalsOTHER METALS FUTURES AND OPTIONS CONTRACTS

PHYSIC

AL D

ELIVERY / U

SEFUL LIN

KS


63

For most CME Group physically delivered metals contracts, delivery may take place on any business day in the contract month beginning on the first business day of the delivery month, but not later than the last business day of the current delivery month. The Gold Kilo futures has a single delivery day – the third Wednesday of the delivery month. Delivery is the transfer of electronic warrants and funds in Clearing. Deliveries across the delivery month occur with a 3-business day cycle:

Day 1: Intent and Assignment Day – Clearing Firms enter sell side intents. CME Clearing assigns sellers to buyers.

Day 2: Invoicing Day – Buy and sell side Clearing Firms receive delivery invoices.

Day 3: Delivery and Payment – The warrants change ownership from seller to buyer; buyer is debited/seller is credited for the delivery.

Position holders need to be cognizant of applicable position limits for each futures contract in the delivery month.

• Establish a position in a futures contract month (e.g. Jun-19 Gold Futures)

• Long Position = Take Delivery of a warrant

• Short Position = Make Delivery of a warrant

• Short position holders move the product to an Exchange-approved facility.

• For Gold Futures, Gold Kilo Futures, Platinum Futures and Palladium Futures, only approved carriers may be used for the transportation of the product. Exchange rules require transportation to be directly from the refiner facility, or from an approved assayer, or from another Exchange-approved facility.

• Short position holders register inventory they wish to deliver against their futures positions through their clearing firms (or broker). Warrants are created by the approved facility during the registration process.

• Customers are responsible for transport costs and storage fees for their inventory at an approved facility.

• As the delivery window commences, short position holders are required to initiate delivery intentions through their respective clearing firms. Delivery Intents must be submitted to CME Clearing by the last Intent Day for that delivery month.

• On Intent Day, all assignments for deliveries are conducted by CME Clearing

• On Notice Day, all assignments for deliveries are conducted by CME Clearing.

• On Delivery Day, Longs receive warrants and Shorts receive funds.

• After the delivery process, Longs may choose to remove product from facility (i.e., cancel warrants).

Overview of Physical Delivery Process

2

3

1

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64

THU FRI SAT SUN MON TUE WED THU

Intent/Assignment DaySeller submits delivery intents through their clearing firm. Delivery intents need to be entered in Clearing by short position holders by 7:00 p.m. NY Time on intent day, except that on last intent day, it needs to be sent by 1:00 p.m. CME Clearing runs the delivery assignment.

Invoicing DayInvoices sent to long and short position holders.

Delivery/Payment DayDeliveries will occur during the morning of the collection cycle. The seller receives the funds and the assigned buyer receives warrants.

3 Business Day Delivery Cycle Example: GOLD FUTURES

Products Gold Silver Platinum Palladium Copper

Product Code GC SI PL PA HG

Contract Size 100 troy oz. 5,000 troy oz. 50 troy oz. 100 troy oz. 25,000 pounds

Jan F X

Feb G X

Mar H X X X

Apr J X X

May K X X

Jun M X X

Jul N X X X

Aug Q X

Sep U X X X

Oct V X

Nov X

Dec Z X X X X

Benchmark Metals ProductsACTIVE MONTH TABLE


65

Copper Aluminum Zinc Lead

United States

Baltimore, MD X X X X

New Orleans, LA X X X X

Salt Lake City, UT X

Toledo, OH X

Tucson, AZ X

Detroit, MI X

Phoenix, AZ X

Owensboro, KY X X X X

Europe

Antwerp, Belgium X X X

Bilbao, Spain X X X

Rotterdam, The Netherlands X X X

Asia

Johor, Malaysia X X X

Port Klang, Malaysia X X X

Singapore X X X

Base Metal Warehouse Locations

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Precious Metals Depositories

Gold Silver Platinum Palladium Gold Kilo

Bank of Nova Scotia X X X X

HSBC X X X X

IDS X X X X

Brink's X X X X X

DDSC X X X X

MTB X X X X

JP Morgan X X X X

CNT X X X

Malca-Amit X X X X

Loomis International (US) Ltd. X X X X

Loomis International (HK) Ltd. X


67

Option Contract Month

Gold Futures Month for OG Options

Silver Futures Month for SO Options

Copper Futures Month for HX Options

Platinum Futures Month for PO Options

Palladium Futures Month for PAO Options

January Feb Mar Mar Jan Mar

February Feb Mar Mar Apr Mar

March Apr Mar Mar Apr Mar

April Apr May May Apr Jun

May Jun May May Jul Jun

June Jun Jul Jul Jul Jun

July Aug Jul Jul Jul Sep

August Aug Sep Sep Oct Sep

September Oct Sep Sep Oct Sep

October Oct Dec Dec Oct Dec

November Dec Dec Dec Jan Dec

December Dec Dec Dec Jan Dec

Metals Options Exercise Months FUTURES CONTRACT INTO WHICH THE OPTIONS CONTRACT EXERCISES

AUTOMATIC EXERCISE BASIS THE FUTURES SETTLEMENT PRICE ON EXPIRY DATE SHALL BE:

Gold .................. 12:30 CT; 1:30 ET

Silver .................. 12:25 CT; 1:25 ET

Platinum .........12:05 CT; 1:05 ET

Palladium ..... 12:00 CT; 1:00 ET

Copper ........... 12:00 CT; 1:00 ET

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Trading Hourscmegroup.com/trading-hours.html#metals

Rulebookscmegroup.com/rulebook/NYMEX/ cmegroup.com/rulebook/COMEX/

Broker Directorycmegroup.com/tools-information/find-a-broker.html

Block Tradescmegroup.com/clearing/trading-practices/block-trades.html#nymexComexProducts

Performance Bond Requirementscmegroup.com/clearing/margins/outright-vol-scans.html#pageNumber=1&sortField=exchange&sortAsc=true

Warehouse/Depository Stocks and Deliveriescmegroup.com/clearing/operations-and-deliveries/nymex-delivery-notices.html

Warrant Line-Up Reportcmegroup.com/market-data/reports/warrant-line-up-report.xls

Service Providers and Storage Fees (approved facilities, brands, assayers, and carriers)cmegroup.com/rulebook/files/service-providers.xls

QuikStrike Option Pricing & Analysis Toolcmegroup.com/tools-information/quikstrike.html

The Commitments of Traders (COT) toolcmegroup.com/tools-information/quikstrike/commitment-of-traders-metals.html

Useful Links

http://www.cmegroup.com/trading-hours.html#metals

http://www.cmegroup.com/rulebook/NYMEX/

http://www.cmegroup.com/tools-information/find-a-broker.html

http://www.cmegroup.com/clearing/trading-practices/block-trades.html#nymexComexProducts

http://www.cmegroup.com/clearing/margins/outright-vol-scans.html#pageNumber=1&sortField=exchange&sortAsc=true

http://www.cmegroup.com/clearing/margins/outright-vol-scans.html#pageNumber=1&sortField=exchange&sortAsc=true

http://www.cmegroup.com/clearing/operations-and-deliveries/nymex-delivery-notices.html

http://www.cmegroup.com/rulebook/files/service-providers.xls

http://www.cmegroup.com/tools-information/quikstrike.html

http://www.cmegroup.com/tools-information/quikstrike/commitment-of-traders-metals.html

2020 CA

LEND

AR


69

A month-by-month guide to 2020 contract expiration dates and CME Group holidays.

Please note: 2020 dates are subject to change.

Metals Futures and Options2020 CALENDAR

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✖ CME Group Holiday

Last Trade Date

Information from public sources. CME Group is not responsible for its accuracy or any changes.

SUN SATMON TUE WED THU FRI

January 2020 MONTH CODE: F

1 2 3 4

5 6 7 8 9 10 11

12 13 14 15

PO, PAO – Feb 20

16 17 18

19 20

✖ Martin Luther King Jr. Day

21 22 23 24 25

26 27 28

OG, SO, HX – Feb 20

29

GC, SI, HG, PL, PA – Feb 20

30 31


71


Last Trade Date



February 2020 MONTH CODE: G

1

2 3 4 5 6 7 8

9 10 11 12 13 14 15

16 17

✖ President's Day

18 19

PO, PAO – Mar 20

20 21 22

23 24 25

OG, SO, HX – Mar 20

26

GC, SI, HG, PL, PA – Mar 20

27 28 29

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Last Trade Date



March 2020 MONTH CODE: H

1 2 3 4 5 6

8 9 10 11 12 13

15 16 17 18

PO, PAO – Apr 20

19 20

22 23 24 25 26

OG, SO, HX – Apr 20

27

GC, SI, HG, PL, PA – Apr 20

29 30 31


73


Last Trade Date



April 2020 MONTH CODE: J

1 2 3 4

5 6 7 8 9 10

✖ Good Friday

11

12 13 14 15

PO, PAO – May 20

16 17 18

19 20 21 22 23 24 25

26 27

OG, SO, HX – May 20

28

GC, SI, HG, PL, PA – May 20

29 30

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Last Trade Date



May 2020 MONTH CODE: K

1 2

3 4 5 6 7 8 9

10 11 12 13 14 15 16

17 18 19 20

PO, PAO – Jun 20

21 22 23

24 25

✖ Memorial Day

26

OG, SO, HX – Jun 20

27

GC, SI, HG, PL, PA – Jun 20

28 29 30

31


75


Last Trade Date



June 2020 MONTH CODE: M

1 2 3 4 5 6

7 8 9 10 11 12 13

14 15 16 17

PO, PAO – Jul 20

18 19 20

21 22 23 24 25

OG, SO, HX – Jul 20

26

GC, SI, HG, PL, PA – Jul 20

27

28 29 30

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Last Trade Date



July 2020 MONTH CODE: N

1 2 3

✖ Independance Day (observed)

4

5 6 7 8 9 10 11

12 13 14 15

PO, PAO – Aug 20

16 17 18

19 20 21 22 23 24 25

26 27 28

OG, SO, HX – Aug 20

29

GC, SI, HG, PL, PA – Aug 20

30 31


77


Last Trade Date



August 2020 MONTH CODE: Q

1

2 3 4 5 6 7 8

9 10 11 12 13 14 15

16 17 18 19

PO, PAO – Sep 20

20 21 22

23 24 25 26

OG, SO, HX – Sep 20

27

GC, SI, HG, PL, PA – Sep 20

28 29

30 31

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Last Trade Date



September 2020 MONTH CODE: U

1 2 3 4 5

6 7

✖ Labor Day

8 9 10 11 12

13 14 15 16

PO, PAO – Oct 20

17 18 19

20 21 22 23 24

OG, SO, HX – Oct 20

25 26

27 28

GC, SI, HG, PL, PA – Oct 20

29 30


79


Last Trade Date



October 2020 MONTH CODE: V

1 2 3

4 5 6 7 8 9 10

11 12 13 14 15 16 17

18 19 20 21

PO, PAO – Nov 20

22 23 24

25 26 27

OG, SO, HX – Nov 20

28

GC, SI, HG, PL, PA – Nov 20

29 30 31

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Last Trade Date



November 2020 MONTH CODE: X

1 2 3 4 5 6 7

8 9 10 11 12 13 14

15 16 17 18

PO, PAO – Dec 20

19 20 21

22 23 24

OG, SO, HX – Dec 20

25

GC, SI, HG, PL, PA – Dec 20

26

✖ Thanksgiving

27 28

29 30


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Last Trade Date


December 2020 MONTH CODE: Z

1 2 3 4 5

6 7 8 9 10 11 12

13 14 15 16

PO, PAO – Jan 21

17 18 19

20 21 22 23 24 25

✖ Christmas

26

27 28

OG, SO, HX – Jan 21

29

GC, SI, HG, PL, PA – Jan 21

30 31


83


Last Trade Date



Contact Information

CME GROUP GLOBAL METALS TEAM

For more information, email the CME Group Metals team at [email protected]. For more information on our CME Group Metals offering, visit cmegroup.com/metals.

CME GLOBEX CONTROL CENTER

UNITED STATES EUROPE ASIA

+1 800 438 8616 +44 20 7623 4747 +65 6532 5010

83


CME Group, The Globe Logo, CME, Chicago Mercantile Exchange, CME Direct and Globex are registered trademarks of Chicago Mercantile Exchange Inc. ClearPort, New York Mercantile Exchange and NYMEX are registered trademarks of New York Mercantile Exchange, Inc. COMEX is a registered trademark of Commodity Exchange, Inc. The information within this fact card has been compiled by CME Group for general purposes only. Although every attempt has been made to ensure the accuracy of the information within this brochure, CME Group assumes no responsibility for any errors or omissions.

Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade. All examples in this brochure are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT and NYMEX rules. Current rules should be consulted in all cases.

Copyright © 2020 CME Group. All rights reserved.

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Metals 2020...2020 Metals Product Guide and Calendar i Metals at CME Group In today’s rapidly moving Metals markets, CME Group helps you forge ahead with certainty by enabling you